The employees of Parma Company are entitled to one day's vacation for each month worked. The average daily pay for each of the 50 employees is $130. The adjusting entry to record the vacation expense f $6,500 ($130 x 50) at the end of each month is: Vacation Benefits Expense Vacation Benefits Payable 6,500.00 At the end of April, Hernandez Company had a balance of $36,950 in the vacation benefits payable account. During May, employees earned an additional $2,810 in vacation benefits, but some employees used vacation days that amounted to $1,890 of the vacation benefits. The $1,890 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? Account 6,500.00 Vacation Benefits Payable If an amount box does not require an entry, leave it blank. Debit Credit

The employees of Parma Company are entitled to one day's vacation for each month worked. The average daily pay for each of the 50 employees is $130. The adjusting entry to record the vacation expense f $6,500 ($130 x 50) at the end of each month is: Vacation Benefits Expense Vacation Benefits Payable 6,500.00 At the end of April, Hernandez Company had a balance of $36,950 in the vacation benefits payable account. During May, employees earned an additional $2,810 in vacation benefits, but some employees used vacation days that amounted to $1,890 of the vacation benefits. The $1,890 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? Account 6,500.00 Vacation Benefits Payable If an amount box does not require an entry, leave it blank. Debit Credit

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter6: Analysing And Journalizing Payroll

Section: Chapter Questions

Problem 12PA: Kelsey Gunn is the only employee of Arsenault Company. His pay rate is 23.00 per hour with an...

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